A major port operator, Terminal Investment Ltd (TiL), largely controlled by the family-run Mediterranean Shipping Company (MSC) of Italian billionaire Gianluigi Aponte, is set to become the primary investor in the consortium purchasing CK Hutchison’s 43 global ports, according to sources close to the matter.
TiL, which is 70% owned by MSC, 20% by BlackRock, and 10% by Singapore’s sovereign wealth fund, is expected to fully own all of the ports in the deal except for two strategically important ones located along the Panama Canal.
For these two Panama-based ports, a separate agreement is in place, where BlackRock’s Global Infrastructure Partners unit is expected to acquire a 51% stake, with the remaining share held by TiL. These two ports represent about 4% of the total value of the transaction.
While the deal’s initial announcement last month didn’t provide full details on the consortium’s structure, negotiations are still ongoing, and adjustments to the deal structure may occur.
However, the deal is facing significant regulatory hurdles. The Chinese government has expressed discontent over the agreement, and CK Hutchison is currently under scrutiny from Panama’s top auditor for unpaid fees, further complicating the sale process.
